Bill Van Law, the president of Raymond James’ Investment Advisors Division, is leaving the independent broker/dealer in April. He’s departing after 15 years to “pursue other personal and professional interests,” Raymond James said in a statement on Tuesday. Prior to Raymond James, Van Law spent 18 years at Merrill Lynch as both an advisor and in other leadership roles. Raymond James said it has begun the search for Van Law’s replacement.
Tom Bradley Jr., retired president of retail distribution at TD Ameritrade, has joined the advisory board of cash management and optimization platform MaxMyInterest. As a result of TDA’s acquisition of Scottrade, the firm named Peter deSilva, head of Scottrade’s retail business, to lead its retail distribution business last fall. Bradley started as a broker at TD Ameritrade in 1986, then became president of the RIA custody business in 2000. He was named president of retail distribution in 2012, until his retirement in 2017. “The company’s mission to maximize the yield on client cash within FDIC limits is quite simple, yet incredibly compelling for advisors and their clients,” Bradley said, of MaxMyInterest.
Financial advisors with clients who sold bitcoin in 2017 should treat it just like stocks, according to the IRS. Yahoo Finance reports that the IRS first posted official guidance on cryptocurrencies in 2014, and the language hasn't changed since. The IRS classifies virtual currency as property, rather than currency, and investors must disclose a capital gain or loss from the sale of bitcoin based on the original purchase price. One caveat: The IRS’s guidance potentially only covers bitcoin, since it states: “No inference should be drawn with respect to virtual currencies not described in this notice.” Only bitcoin is specifically singled out in the official guidance.